280 APPENDIX

principal Act as being property of a gross value not exceeding
three hundred pounds or five hundred pounds, as the case may
be, and such property includes property which is proved to the
satisfaction of the Commissioners to be subject to a charge
created for the purpose of securing unpaid purchase money, or
money borrowed for the purpose of paying purchase money,
or to be subject to or liable to be made subject to a charge for
securing an advance made or to be made for the purpose of the
purchase thereof, the value thereof for the purpose of deter-
mining the gross value of the property under the said section
shall be taken to be its value subject to such charge or liability
as aforesaid.

(3) Land subject to an annuity under the Land Purchase
(Ireland) Acts shall be treated as real property for the purpose
of subsection (8) of section six of the principal Act (relating to
the payment of estate duty by instalments).

(4) Where the property passing on the death of a person
dying after the passing of this Act comprises the purchase
money of land agreed to be sold under the Land Purchase
(Ireland) Acts, but the purchase money has not been paid, the
estate duty payable in respect of that purchase money may,
at the option of the person liable to pay the same, be post-
poned until the purchase money is actually paid, and shall
then become payable, but the person liable to pay the duty
shall in the meantime pay annually interest on the amount of
duty payable at the rate of three per cent per annum.

(5) Where an estate, in respect of which estate duty is pay-
able on the death of a person dying after the passing of this Act,1
comprises land on which timber, trees, or wood are growing,
the value of such timber, trees, or wood shall be aggregated
with the other property passing on the death of the deceased
for the purpose of determining the value of the estate and the
rate of estate duty, but the estate duty which, but for this
subsection, would be payable on the principal value of the
timber, trees, or wood shall not be payable thereon, but shall,
at the rate so ascertained, be payable on the net moneys (if
any), after deducting all necessary outgoings since the death
of the deceased, which may from time to time be received from
the sale of the timber, trees, or wood, when felled, during the
period which may elapse until the land on the death of some

p See amendment by Section 10 of the Finance Act, 1911, and repeal
by Section 9 of the Finance Act, 1912.]